Washington

The Government of the U.S. Virgin Islands and the Virgin Islands Public Finance Authority filed a lawsuit this week against their former bond counsel and financial advisor, alleging they were negligent when they advised that $219.49 million of bonds issued in 2006 would be tax exempt.

Maryland voters will decide whether to constitutionally prohibit lawmakers from diverting transportation-dedicated tax revenues to other purposes.

The Municipal Securities Rulemaking Board is proposing to establish limits on the gifts and non-cash benefits municipal advisors can provide in their professional capacities.

Seattle's City Light Department sold $265 million of revenue bonds in a competitive offering Wednesday for the city's light and power system.

A new train station in downtown Dallas may be the northern terminal of a 240-mile privately financed high-speed rail line to Houston.

Corporate tax reform is likely to be a priority for Congress and the Obama administration no matter which party has control of the Senate after the midterm elections, said tax experts and congressional observers who, nevertheless, differ on how this might impact municipal bonds.

The Municipal Securities Rulemaking Board announced on Wednesday that it will be offering a free six-week video series to educate municipal securities investors about fundamental disclosure documents.

John Cross will leave as director of the SEC's Office of Municipal Securities next month to succeed Vicky Tsilas as the Treasury Department's associate tax legislative counsel, according to the SEC and sources. Tsilas is rejoining Ballard Spahr in January.

Market participants are concerned that language in the Securities and Exchange Commission's proposal to remove references to credit ratings from its Rule 2a-7 governing money market funds could be too restrictive on what securities MMFs could purchase.

Work will get under way next year on D.C.'s $54 billion, 25-year transportation plan, including a new bridge over the Anacostia River.

The Bond Dealers of America is urging the Securities and Exchange Commission to crack down on non-dealer municipal advisors acting as unlicensed broker-dealers by assisting municipalities in placing their debt through the direct placement markets.

The District of Columbia Water and Sewer Authority, which garnered attention this summer for its historic century bond issuance, will return to the market with about $350 million of public utility subordinate lien revenue refunding bonds that are likely to price Tuesday.

While finding new revenue sources for highway improvements is indeed a thorny political issue, analysts at Conning feel that the credit quality of the existing bonds remains sound.

The State of Washington sold $934 million of general obligation refunding bonds on Wednesday to garner $137 million in net present value savings.

WASHINGTON — Industrial production rose 1.0% in September, the Federal Reserve reported Thursday.

Delivery of the Official Statement satisfies MSRB Rule G-32 - but not the new Time-of-Trade Disclosure Rule, MSRB Rule G-47.

Washington is planning to sell $765 million of general obligation bonds in a refunding deal on Wednesday.

Former Financial Industry Regulatory Authority vice chairman Stephen Luparello received $5.34 million of total compensation in 2012 — the highest of any of the individuals in The Bond Buyer's annual survey of the compensation levels at 21 industry, self-regulatory, state and local, and muni related groups.

The National Association of Bond Lawyers has renamed its Fundamentals of Municipal Bond Law Seminar scholarship program after the late Frederic "Rick" L. Ballard Jr.

A memorial service for former D.C. Treasurer Lasana Mack will be held Friday morning.